- Apart from the soldering business, the company would also be acquiring some of Worthington Industries’ brazing assets.
- The annual revenue of the assets being purchased through the two transactions is about $25 million.
Lincoln Electric Holdings, Inc., (Lincoln), an American multinational manufacturer of welding products, has reportedly announced that it has acquired the soldering business of renowned diversified metals manufacturing company, Worthington Industries (Worthington).
Reports cite, apart from the soldering business, the company would also be acquiring certain brazing assets from the Ohio-based Worthington, which is anticipated to reach conclusion by February 1, 2019.
According to a report by Street Insider, the acquisition expands the industry-leading consumables portfolio of Harris® Products Group further with the addition of the company’s premium fluxes & solders. The annual revenue of the assets that are being acquired through the two transactions is approximately over $25 million.
The Chairman, President & Chief Executive Officer of Lincoln Electric Holdings, Inc., Christopher L. Mapes stated that the addition of the new consumables has created the widest brazing & soldering portfolio in the industry. Mapes further added that the acquisition would be allowing the company to better serve its customers, enhance the mix of the company’s Harris business and expedite growth in the retail channel.
According to reports, the financial information related to the transaction has not been unveiled by the firms yet.
About Lincoln Electric Holdings Inc:
Lincoln Electric is among the world’s leading firms involved in the designing, developing as well as manufacturing of robotic arc welding systems, welding products, oxyfuel & plasma cutting equipment and possesses a leading global position in the soldering & brazing alloys market.
Based out of Cleveland, Ohio, the company owns 56 different manufacturing locations, including joint ventures & operations across 20 nations and a worldwide network of sales offices & distributors covering over 160 nations.